Where are the Fastest Selling Suburbs?
As capital city prices increase housing demand has rippled outwards. Buyers looking in these suburbs have seen increased competition resulting in shorter days on market.
Housing reports from Core Logic released this month show regional areas near capital cities are proving popular with buyers. Data collected from private sales over the last 12 months to January 2017 indicate regions such as the Central Coast, Newcastle and Blue Mountains have the fastest selling suburbs.
Interestingly with the exclusion of one NSW suburb, the fastest selling suburbs appear to be some of the cheapest, showing affordable housing is a big driver for buyers before prices increase further.
Several Central Coast and Newcastle suburbs made the top 10 fastest selling suburbs in NSW.
North Gosford came in at number three on the list with a median of 10 days on the market. Growth, redevelopment and business infrastructure in Gosford has driven demand sister suburb North Gosford. North Gosford is a young and vibrant suburb with an average age of residents between 20 and 35 and with a median house price of $405,000 for a two bedroom house, it’s certainly affordable.
Wyoming made the top 10 with a median of 14 days on the market. Another sister suburb to Gosford, Wyoming has a three bedroom median house price of $508,000 however with two local schools, provides great value for families. Wyoming has an older demographic with an average age of 60+, the suburb has experienced significant growth over the last 3 years with median house prices increasing by 45%.
Mayfield East in Newcastle took out number two place with a median of 10 days on the market. With a mix of singles and families and an average age of between 20 and 39, Mayfield East property demand has benefited from the rejuvenation of Newcastle CBD. Bordering prestige suburb Tighes Hill, Mayfield East’s cute and heritage style homes are being snapped up by locals and investors. Given the smaller land sizes, Mayfield East has a median two bedroom house price of $470,000 providing opportunity for renovators.
Wyoming is also a hot spot for fastest selling units in NSW, coming in at number two with a median of seven days on the market. Whist there aren’t many unit developments in Wyoming, what has gone on the market has sold quickly.
West Gosford has benefited from the rise in new developments and off-the-plan sales. West Gosford has proven popular for buyers looking to capture the growth being generated from the city centre of Gosford. And with a median two bedroom unit price of $423,000, the suburb is proving popular with mum and dad investors. West Gosford experienced a median of 13 days on the market for the last 12 months.
Buying in a fast-moving property market
Picking up a good buy is proving harder and harder even as buyers look to buy outside of the capital cities. Here are our top tips to buying quickly with confidence;
- Do your suburb research and check recent sale prices
- Know your budget before you go shopping
- Secure pre-approved finance so you can make a quick offer when needed
- Get your pest and building inspection done quickly
- Have your deposit ready or organise a deposit bond
- Decide if you are willing to buy at auction and understand the repercussions of signing a 66w
- Set up property alerts to notify you when properties hit the market
- Keep your mortgage broker in the loop so they can advise of any finance changes that might affect your borrowing capacity
- Find out when your solicitor/conveyancer is taking holidays, so they aren't away when you want to sign a Contract of Sale.
Looking to buy a new home in one of the fastest selling suburbs in NSW? Speak to our Mortgage Brokers, and we’ll turn that hope into reality. Mint Equity is a multi-award winning service, making home loans an easier process for people all over Australia. Don’t forget, our services are free of charge for all our clients! Call us today, or send us a message for more information.